The Czechs to Implement Cryptocurrency Regulations Against EU

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Czechs to Implement Cryptocurrency Regulations Against EU

The European Union has outlined specific requirements for cryptocurrency regulations. The Czechs, however, want to establish their own regulations.

Sharpening regulations

As a local daily newspaper, Hospodářské Noviny, reports, the Czechs will introduce even stricter regulations than those proposed in Brussels. At the European Union level the regulations relate primarily to minimizing the situations in which cryptocurrencies are used to launder money. One of the regulations of Czech law will be high penalties for companies (up to half a million koruna) for not registering operations at the Trade Licensing Office. Regulations like that would mean going much further than the European Union regulations that came into force a year ago, in July 2018. Regulations, known as AMLD5, were at that time targeted primarily at anonymous investors who traded through exchanges or pre-paid cards. A specific framework that should be followed by legislators from across the EU were established. It has not been determined exactly when the Czechia intend to introduce their own regulations in the country. It is certain, though, that the regulations passed by the EU were to come into force in all its member states by January 2020 at the latest. In addition, the regulations may be harmful to companies that did not have to fear the EU directive. This, in turn, can contribute to the violation of domestic competition.

Not the Czech Republic only

It is not the first time that a situation arises in which a given EU country intends to change the regulations that have been laid down in Brussels. Nevertheless, in Great Britain, despite such inclinations, one of the non-governmental organisations, Coin Center, convinced the State Treasury to refrain from extending the regulations. The situation was also examined in Cyprus, which proposed to include certain areas that were not initially covered by the AMLD5 Directive in the regulations.

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